Home sales reached an all-time record last year, and were up 28% compared to 2014. The market boom is fueled by foreign investors, many of them Chinese.

Foreigners were long drawn by Canada’s attractive investor visas. The program allowed rich international investors to apply for permanent residency in Canada if they had a minimum net worth of $1.6 million CND ($1.5 million) and invested $800,000 CND in the form of a multi-year, interest-free loan to the government.

The spiking prices are making local residents angry. Several rallies protesting runaway housing prices were held in recent months. Many Vancouver residents also took to Twitter, complaining about the situation using the hashtag #donthave1million.

Experts say the main problem is that the market is hugely unbalanced. Lack of new developments is pushing prices up.

“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” said Darcy McLeod, the president of Real Estate Board of Greater Vancouver.